Council approves severance agreement for Kolb

The Wichita City Council on Tuesday approved a severance package for outgoing City Manager George Kolb worth $182,000.

The agreement includes nine months' pay and $54,000 in other severance compensation. Kolb's last day will be Jan. 2.

Kolb and city council members announced their parting of ways two weeks ago, the result of "philosophical differences."

Neither the council nor Kolb, who has served as city manager since 2004, have discussed the nature of the disagreement. But they have indicated the decision for Kolb to depart was mutual.

Under the severance agreement, Kolb has agreed to provide "transition services and make appropriate interim delegations" of his duties until he departs.

Kolb's annual pay in 2007 is $170,000.

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source: bizjournals.com

Northeast D.C. office complex sold

The Union Square office complex in Northeast has sold for $262 million.

JP Morgan Investment Management, a division of New York-based JP Morgan Chase & Co. (NYSE: JPM), sold the two-building, 609,540-square-foot complex to Los Angeles-based CIM Group Inc.

Jones Lang LaSalle (NYSE: JLL) represented JP Morgan, which has only owned the property for about a year.

The buildings, at 825 and 941 North Capitol St. NE, are fully leased to various D.C. government agencies, including the Department of Health, Office of Tax and Revenue and Department of Consumer and Regulatory Affairs.

"This offering was one of D.C.'s most in-demand investment opportunities, given the property's prime government location immediately north of Capitol Hill," said John Kevill, Jones Lang LaSalle's co-managing director in D.C., in a statement.

Part of the deal includes a development entitlement on the site for a new 256,000-square-foot office building. CIM Group already owns several properties in the District, including L'Enfant Plaza in Southwest, the Wardman Park Hotel in Northwest and the mixed-use City Vista complex at the intersection of Fifth and K streets NW.

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source: bizjournals.com

Hellwege, Willman take new jobs at Bank of Florida

Roy Hellwege has been promoted to director of banking at Bank of Florida Corp., and Christopher Willman will succeed Hellwege as president and chief executive of Bank of Florida-Tampa Bay.

Hellwege was named director of banking at Bank of Florida (NASDAQ: BOFL) and will be based at the corporate headquarters in Naples, according to a release. He will oversee the company's three bank affiliates -- Bank of Florida-Southwest, Bank of Florida-Southeast and Bank of Florida-Tampa Bay.

Hellwege, who was named the 2007 Business Executive of the Year by the Tampa Bay Business Journal on Dec. 6, joined Bank of Florida in 2004 as president and chief executive of Bank of Florida-Tampa Bay and led the startup bank to assets of nearly $185 million in three years.

Willman has served as the senior lender in Tampa since the affiliate's inception. He previously was a vice president of lending at the former Gold Bank, vice president of commercial real estate lending at Colonial Bank and lending officer in the commercial mortgage division at SunTrust.

Charles Tipton, who is currently Bank of Florida's market president for Pinellas County, will continue in that role in addition to being promoted to senior lender, the release said.

Bank of Florida is a $1.3 billion multi-bank holding company.

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source: bizjournals.com

Washington U. receives $20M research gift

St. Louis businesswoman and philanthropist Edith Wolff made a $20 million commitment to support biomedical research at Washington University School of Medicine in St. Louis, the school said Wednesday.

The funds will establish the Alan A. and Edith L. Wolff Institute, which will support biomedical research projects that lead to the prevention, treatment and cure of disease, according to the school.

Wolff's late husband, Alan Wolff, founded Wolff Construction Co., a real estate development, investment and management company, in the late 1940s. After Alan Wolff's death in 1989, Edith Wolff became president of the company, which now focuses on real-estate investment and management and commercial leasing.

Edith Wolff received an honorary doctorate from Washington University in 2004 in recognition of her support of medical research. She has served on the boards of the Jewish Center for the Aged, Metropolitan Employment and Rehabilitation Services and St. Louis Arc, which provides services to people with developmental disabilities.

Washington University in St. Louis is a private teaching and research university. Through its affiliations with Barnes-Jewish and St. Louis Children's hospitals, Washington University School of Medicine is linked to BJC HealthCare.

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UTSA taps UT-Dallas administrator to lead university advancement

The University of Texas at San Antonio (UTSA) has hired Marjie M. French to be the university's new vice president for university advancement.

UTSA President Ricardo Romo says her appointment is effective Jan. 28, 2008. French comes to UTSA from the University of Texas at Dallas, where she was vice president for development since June 2005.

French has more than 15 years of experience as a development professional at public research institutions and her past experience includes positions at the University of Texas at Austin and the University of Houston.

French succeeds Janice Odom, who had been interim vice president for university advancement since July. Odom will resume her responsibility as director of development for foundation and organization relations.

The role of university advancement is important for research institutions like UTSA because it involves grant and foundation funding, corporate and alumni gifts and communications with the community.

French's experience includes alumni relations, communications in two major multi-million dollar comprehensive capital campaigns, and personal major gift solicitations from both state and national charitable foundations.

"Marjie brings a tremendous amount of professional experience, a can-do attitude and an infectious enthusiasm for higher education," Romo says.

This experience will be important particularly as UTSA works to become a premier public research university, Romo adds.

UTSA is one of the fastest-growing universities in Texas and is the second largest behind UT-Austin. The school has more than 28,500 students enrolled in 64 bachelor's, 43 master's and 20 doctoral programs.

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source: bizjournals.com